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1. value: 2.50 points The night manager of Dixie Transportation Service, who had no accounting background, prepared the following statement of financial position for the
1. value: 2.50 points The night manager of Dixie Transportation Service, who had no accounting background, prepared the following statement of financial position for the company at February 28, 2013. The dollar amounts were taken directly from the company's accounting records and are correct. However, the statement of financial position contains a number of errors in its headings, format, and the classification of assets, liabilities, and equity. DIXIE TRANSPORTATION SERVICE MANAGER'S REPORT 8 P.M. THURSDAY Assets Equity Share Capital $ 92,000 Accounts Receivable $ 71,000 Retained Earnings 62,000 Notes Payable 282,000 Cash 79,000 Supplies 13,000 Building 100,000 Land 70,000 Automobiles 165,000 Accounts Payable 62,000 $ 498,000 $ 498,000 Prepare a corrected statement of financial position. Include a proper heading. (Be sure to list the assets and liabilities in order of their liquidity. Omit the "$" sign in your response.) DIXIE TRANSPORTATION SERVICE Statement of financial position February 28, 2013 Assets (Click to select) $ (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Total $ Liabilities & Equity Liabilities: (Click to select) (Click to select) $ $ Total Liabilities Equity: (Click to select) (Click to select) Total
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